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Can you summarize 11 GACO Article 9?
Commercial Code > Secured Transactions
Short Summary
The provided legal document content covers various aspects of secured transactions, sales of accounts and chattel paper, perfection and priority of security interests, default and enforcement of security interests, the 2001 Transition, perfection of security interests, and the operation and procedures related to secured transactions and filing. These documents apply to individuals and entities involved in secured transactions, such as creditors, debtors, secured parties, account debtors, assignees, lessees, lessors, promissory note holders, health care insurance receivables assignees, general intangibles assignees, and letter of credit rights assignees. The exemptions to the application of these documents include when federal law preempts it, when another state or foreign country’s statute governs the security interest, or when the rights of a transferee beneficiary or nominated person under a letter of credit are independent and superior. No specific penalties for non-compliance or violation of the documents’ provisions are mentioned.
Whom does it apply to?
Individuals and entities involved in secured transactions, such as creditors, debtors, secured parties, account debtors, assignees, lessees, lessors, promissory note holders, health care insurance receivables assignees, general intangibles assignees, and letter of credit rights assignees
What does it govern?
Secured transactions, sales of accounts and chattel paper, perfection and priority of security interests, default and enforcement of security interests, 2001 Transition, perfection of security interests, operation and procedures related to secured transactions and filing
What are exemptions?
Exemptions include when federal law preempts it, when another state or foreign country's statute governs the security interest, or when the rights of a transferee beneficiary or nominated person under a letter of credit are independent and superior
What are the Penalties?
No specific penalties for non-compliance or violation of the documents' provisions are mentioned.
Jurisdiction
Georgia